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EX-99.1

2 exhibit991_q12026xpressrel.htm

EX-99.1

Document

Blend Announces First Quarter 2026 Financial Results

May 7, 2026

SAN FRANCISCO -- Blend Labs, Inc. (NYSE: BLND), a leading origination platform for digital banking solutions, today announced its first quarter 2026 financial results.

"We reported Q1 numbers today, which came in higher than expected on revenue and non-GAAP operating income, and I think that's a direct reflection of how we're operating," said Nima Ghamsari, Co-founder and Head of Blend. "With an agent-first approach, we're transforming how we work internally and how our customers do business with Autopilot. I believe that combination will drive dramatically more efficiency and speed, and open a path to growth acceleration in 2027."

Quarter Highlights

•Results Ahead of Guidance: Total revenue and non-GAAP operating income both above the high end of guidance.

•Growing Customer Base: Added or expanded 15 customer relationships in the first quarter — with pipeline up more than 40% year-over-year.

•Returning Capital to Shareholders: Repurchased 11.2 million shares in the first quarter for $18.6 million — $31.4 million remaining on the existing authorization at quarter end.

First quarter revenue was $30.8 million, an increase of 15% compared to the first quarter of 2025. Software platform revenue was $28.0 million, up 15% year-over-year, and Professional services revenue was $2.9 million compared to $2.5 million in the first quarter of 2025. Total GAAP gross profit margin was 76%, up from 71% in the first quarter of 2025, and non-GAAP gross profit margin was 80%, up from 73% in the same period last year. GAAP operating loss was $5.1 million, compared to a loss of $8.0 million in the first quarter of 2025. Non-GAAP operating income was $4.1 million, up from $0.7 million in the same period last year.

GAAP diluted net loss from continuing operations attributable to common stockholders per share was $0.04 in both the first quarter of 2026 and the same period last year. Non-GAAP diluted net loss from continuing operations attributable to common stockholders per share was breakeven ($0.00) in the first quarter of 2026 compared to a loss of $0.01 in the first quarter of 2025.

Second Quarter Outlook

Blend is providing guidance for the second quarter of 2026 as follows:

$ in millions

Q2 2026 Guidance

Total Revenue

$32.0M - $34.0M

Non-GAAP Operating Income

$5.5M - $6.5M

We have not provided the forward-looking GAAP equivalent to our non-GAAP Operating Income outlook, or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, stock-based compensation, which is affected by our hiring and retention needs and future prices of our stock, and non-recurring, infrequent or unusual items.

Webcast Information

On Thursday, May 7 at 4:30 pm ET, Blend will host a live discussion of its first quarter 2026 financial results. A link to the live discussion will be made available on the Company’s investor relations website at

https://investor.blend.com. A replay will also be made available following the discussion at the same website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, quotations of management; the “Second Quarter Outlook” section above; Blend’s expectations regarding its financial condition and operating performance, including growth opportunities, investments and plans for future operations and competitive position; Blend’s partnerships and expectations related to such partnerships on Blend’s products and business; Blend’s products, sales pipeline, and technologies; Blend’s customers and customer relationships, including the businesses of such customers and their positions in the market; Blend’s ability to achieve or maintain profitability in the future; projections for mortgage loan origination volumes, including projections provided by third parties; and other macroeconomic and industry conditions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all.

Forward

blnd-20260310FALSE000185574700018557472026-03-102026-03-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 10, 2026

Blend Labs, Inc. (Exact name of Registrant, as specified in its charter)

Delaware001-4059945-5211045 (State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

7250 Redwood Blvd., Suite 300 Novato, California 94945 (Address of principal executive offices, including zip code) (650) 550-4810 (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class A Common Stock, par value of $0.00001 per shareBLNDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition On March 10, 2026, Blend Labs, Inc. (the “Company” or “Blend”) issued a press release announcing its preliminary financial results for the fourth fiscal quarter and full fiscal year ended ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 7.01    Regulation FD Disclosure On March 10, 2026, Blend posted supplemental investor materials on the investor relations section of its website (investor.blend.com). Blend announces material information to the public about Blend, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.blend.com), its blog (blend.com/blog) and its X account (@blendlabsinc) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01 Other Events On March 10, 2026, the Company's board of directors authorized the repurchase of up to $50.0 million of the Company’s Class A common stock. The Company’s board of directors expects to assess any future repurchase programs based on the Company’s balance sheet, expected free cash flow, and alternative investment opportunities at the time. Any future authorization will be approved and executed consistent with the Company’s capital allocation strategy.

Repurchases may be made from time to time through open market repurchases or through privately negotiated transactions. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock, and it may be suspended at any time at the Company’s discretion. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, applicable legal requirements and alternative investment opportunities. The repurchase authorization does n